So, the promise to workers was that tax would not go up. The problem is the “hole” is getting bigger and as a result money has to come in. We all know workers can earn anything from apprentice rates to seven figures but Labour seem to have decided that workers don’t earn too much. Harder/better/luckier […]
Category Archives: Self Assessment
I saw a question about MTD (making tax digital) today. The whole profession has been wondering how to charge for all of the additional work while at the same time all of our clients seem to be under the impression that there won’t be any more work to do. I love a good analogy so let’s […]
This is a great question and it comes up a lot! Strictly any costs have to be able to meet the “wholly and exclusively” test just like any other deduction. So, again strictly, this would mean the costs associated with preparing financial accounts for a business would be allowable BUT preparation of your personal […]
Every year a staggering amount of people get fined for not submitting their tax returns. This year was no exception. HMRC have published the numbers here. Not surprising the highest volume of returns was received in the last working hour of the tax year with 732,498 returns going in between 4pm and 5pm. What now […]
If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don’t agree returns. We have a system of self assessment. That is you calculate and report your tax position. That’s it. That […]
If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don’t agree returns. We have a system of self assessment. That is you calculate and report your tax position. That’s it. That […]
If, like most people, you jump to Google every year to figure out how to pay your tax maybe do it different going forward. I’ve mentioned the HMRC App before but on 31st January, the day when more people pay tax than any other day, it’s worth a quick mention again. Why? Well you can […]
No. But also yes. The tax return basically lumps everything in to relative few boxes with whole loads of things combined in to boxes together. Box 24 on the property page for instance is the total of “Rent, rates, insurances and ground rents”. That covers a lot and HMRC only need to have a single figure. […]
When you sell a property the proceeds are normally fairly easy to establish. What if the property was inherited though? What is the deemed cost? Well it’s actually easier than you think. The value of the property at the date of death of the person that left it to you will be your deemed cost. […]
HMRC are trying to do something huge. They want everyone with self employed income and property income to report their earnings quarterly. Considering the difficulties of collecting the information annually this is an interesting and very ambitious plan. They recently updated their guidance on who can do what. Three-line accounts If your turnover (income before […]
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